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Krumovgrad Mine and Mill Construction
August 2018
Forward looking statements
2
Certain statements and other information included in this presentation and our other disclosure documents constitute “forward looking information” or “forward looking statements” within the meaning of applicable
securities legislation, which we refer to collectively hereinafter as “Forward Looking Statements”. Statements that constitute Forward Looking Statements include, but are not limited to, certain statements with respect to the
estimated capital costs, operating costs, key project operating costs and financial metrics and other project economics with respect to Krumovgrad; the timing of development, permitting, construction, commissioning
activities and commencement of production in respect of Krumovgrad; timing of further optimization work at Tsumeb and potential benefits of rotary furnace installation; price of gold, copper, silver and acid; toll rates;
metals exposure and stockpile interest deductions; the estimation of Mineral Reserves and Mineral Resources and the realization of such mineral estimates; the timing and amount of estimated future production and output,
life of mine, costs of production, cash costs and other cost measures, capital expenditures, rates of return at Krumovgrad and other deposits and timing of the development of new deposits; results of economic studies;
success of exploration activities; success of permitting activities; permitting time lines; currency fluctuations; requirements for additional capital; government regulation of mining and smelting operations; success of
permitting activities; environmental risks; reclamation expenses; potential or anticipated outcome of title disputes or claims; and timing and possible outcome of pending litigation. Forward Looking Statements are
statements that are not historical facts and are generally, but not always, identified by the use of forward looking terminology such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, scheduled”,
“estimates”, “forecasts”, “outlook”, “intends”, “anticipates”, or “does not anticipate”, or “believes”, or variations of such words and phrases or that state that certain actions, events or results “may”, “could”, “would”,
“might” or “will” be taken, occur or be achieved.
Forward looking statements are based on certain key assumptions and on the opinions and estimates of management and Qualified Persons (in the case of technical and scientific information) as of the date such
statements are made and they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any other
future results, performance or achievements expressed or implied by the Forward Looking Statements. In addition to factors already discussed in this presentation, such factors include, among others: the uncertainties with
respect to actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations and economic studies; changes in project parameters as plans continue to be
refined; possible variations in ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining
governmental approvals or financing or in the completion of development or construction activities; uncertainties and risks inherent to developing and commissioning new mines into production, such as the Krumovgrad
project, which may be subject to unforeseen delays, costs or other issues; uncertainties inherent with conducting business in foreign jurisdictions where corruption, civil unrest, political instability and uncertainties with the
rule of law may impact the Company’s activities; social and non-governmental organizations (“NGO”) opposition to mining projects and smelting operations; fluctuations in metal and acid prices, toll rates and foreign
exchange rates; unanticipated title disputes; claims or litigation; limitation on insurance coverage; cyber attacks; failure to realize projected financial results from MineRP; risks related to operating a technology business
reliant on the ownership, protection and ongoing development of key intellectual properties; as well as those risk factors discussed or referred to in any other documents (including without limitation the Company’s most
recent AIF) filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available on SEDAR at www.sedar.com. Although the Company has attempted to identify
important factors that could cause actual actions, events or results to differ materially from those described in Forward Looking Statements, there may be other factors that cause actions, events or results not to be
anticipated, estimated or intended. There can be no assurance that Forward Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such
statements. Unless required by securities laws, the Company undertakes no obligation to update forward looking statements if circumstances or management’s estimates or opinion should change. Accordingly, readers are
cautioned not to place undue reliance on forward looking statements.
Investment Highlights
3
Operating in mining friendly jurisdictions
Strong resource and reserve base
High quality, low cost, flagship asset
Near term, low cost growth in gold production
Growing exploration pipeline
Strong balance sheet
Strong management team
Attractive valuation
Strong Asset Base, Near Term Growth & Attractive Valuation
DPM Has Outperformed GDX and GDXJ
4
Source: Thomson Reuters EIKON as at September 19, 2018
Significant
further upside
potential as
we approach
growth in cash
flow from
Krumovgrad
-1.67%
-20.93%
-19.89%
-8.69%
-16.77%
-21.28%
70
80
90
100
110
120
130
1/2/2018 2/2/2018 3/2/2018 4/2/2018 5/2/2018 6/2/2018 7/2/2018 8/2/2018 9/2/2018
DPM.TO GDXJ GDX Gold Price Copper Price S&P TSX Global Gold Index
Company Overview
5
Share Price / 52 week low-high (C$ per share) $2.94 / $2.34 - $3.60
Shares Outstanding – Current 178,492,566
Market Capitalization – Current $405M
P/NAV (23) 0.60x (consensus)
Metals contained in concentrate produced
Gold
Copper
197,684 oz
35.8 Mlbs
AISC/oz Au (1,2) $729
Adjusted EBITDA $92 M
+ Krumovgrad starting in Q4 2018 + 85,700 oz/yr
Cash $13.9 M
Investment portfolio (21) $29 M
Undrawn RCF $236 M
Debt $40.8 M
2017 Quick Glance Production & Financial Metrics
Dundee Corporation 20.38%
GMT Capital Corporation 12.47%
EBRD 9.9%
First Eagle Asset Mgmt. 2.85%
USAA Asset Mgmt. Co. 2.84%
Low cost
production with
50% growth
starting in Q4
2018
Strong
liquidity
position
Long term
shareholders
Attractive
Valuation
1, 2, 21, 23 See footnotes contained in Appendix on slide 47
Share Capital (@ September 19, 2018)
Liquidity Position (@ June 30, 2018)
Top Five Shareholders (@ September 19, 2018)
DPM Global Portfolio of Assets
6
Timok Gold Project
Serbia
Tsumeb Smelter
Namibia
Chelopech Mine
Bulgaria
Sabina Gold & Silver Corp.
Nunavut, Canada
Krumovgrad Gold Project
Bulgaria
Operating assets
Development asset
Late stage exploration assets
Early stage exploration assets
Malartic JV
Quebec, Canada
Chelopech
• Location: Chelopech, Bulgaria
• Ownership: 100%
• 2017 Production: 197,684 oz Au; 35.8
Mlbs Cu
• Mine Life: 8.5 years
• Operation: Underground
Krumovgrad
• Location: Southern Bulgaria
• Ownership: 100%
• Stage: Construction
• Production: 103,000 oz (yrs 1-5 avg)
• Mine life: 8 years
• Operation: Open pit
• Commissioning: Q4 2018
Tsumeb
• Location: Tsumeb, Namibia
• Ownership: 100%
• 2017 Concentrate Smelted: 219,000 tonnes
• Operation: Specialty smelter
• Location: Serbia
• Ownership: 100%
• Stage: Advanced exploration
• Resource: 1.996 Moz (26)
TimokSabina Gold & Silver
• Location: Nunavut, Canada
• Ownership: 10%
• Stage: Pre-construction
• Production: 240,000 oz Au (yrs 1-8)
• Operation: Open pit/underground
• DPM’s equity stake: $29 M
Corporate Head Office
Toronto, Canada
78%
Holdings
26 See footnotes contained in Appendix on slide 47
HIGH QUALITY, LOW COST, FLAGSHIP ASSET
CONTINUES TO EXCEED EXPECTATIONS
Chelopech
Location: Chelopech, Bulgaria
Ownership: 100%
2017 Production: 197,684 oz Au; 35.8 Mlbs Cu
Mine Life: 8.5 years
Operation: Underground
Chelopech – Continually Improving
8
57
133
196
153
118
9987
108
67
0
50
100
150
200
250
2010 2011 2012 2013 2014 2015 2016 2017 6 mos2018
Cash Cost / tonne of ore processed (US$/t) (6) Ore Mined (Mt)
1.09
1.31
1.812.03 2.05 2.04
2.21 2.22
2010 2011 2012 2013 2014 2015 2016 2017 6 mos2018
2018E
56 55
4640 40
3733 34 36
2010 2011 2012 2013 2014 2015 2016 2017 6 mos2018
2018E
Adjusted EBITDA (US$M) (7)
2006 2015 2016 2017
21.5 21.5
14.1 Total ore
mined
since 2006 (Mt)
Ore Reserve (Mt)
16.3
19.8Gold price trend
Growing throughput in recent years with
opportunity to optimize further
Continuing to optimize through innovation
2018E slightly higher due to FX
Stronger EBITDA due to grades & metal prices Exploration successful in replacing reserves
6, 7, 9 See footnotes contained in Appendix on slide 47
Copper price trend
2.1-2.2
35-38
9 9
18.818.5
1.13
Chelopech Operating Highlights
139
172 155-172
2016 2017 Q1 2018 Q2 2018 2018E
Payable gold in concentrate sold (000s oz) (8)Metals contained in concentrate produced (8)
166
198180-200
38.5 35.8
33.7-40.4
2016 2017 Q1 2018 Q2 2018 2018E
Gold (000s oz) Copper (Mlbs)
Record gold production in 2017
Increased production guidance for 2018 in Q2
Focused on mine and process plant optimization
8, 9 See footnotes contained in Appendix on slide 47
All in sustaining cost (US$/oz gold sold)
9 9
57.3
747 729
2016 2017 Q1 2018 Q2 2018 2018E
9.3
640-755
696
9
8.5
48.3
6 mos = 106,000 oz
54.7
6 mos = 90,000 oz
35.1
540
9
6 mos = 601
Chelopech – Next Phase of Optimization Underway
10
Change in mining method
0.5 mtpy 1.0 mtpy
Underground crushing and conveying;
“Taking the lid off the mine”
1.0 mtpy 2.0 mtpy
Digital transformation
Phase 1
2003-2008
Phase 2
2009-2014
Phase 3
2015+
- Dynamic mine planning
- Intelligent use of data
- Digital collaboration
- Smart centre
- Automating mining process
2018
2020
2019
Key benefits:
Data unification to a single platform
Rapid, parametric life-of-mine design and sequence
Short interval planning & control
Optimization of material & asset flow
Real-time monitoring of performance vs. plan
Improved anticipation of & reaction to interruptions
Chelopech Near Mine Exploration
TMX:DPM11
Drilling demonstrates potential for hosting additional resources New zone of breccia pipes found over 1500m & open to the east
Large open areas remain between drilled sections
Similar geology & alteration to Central and Western orebodies
Exploration continuing at Chelopech
SE Breccia Pipe Zone (SEBPZ)
10,000m infill drill program initiated in January
Significant intercepts include:
EX_SEBP_31_01: 25m @ 3.37 g/t Au & 0.57% Cu
(4.53 g/t AuEq) (true width estimated at 18-20m)
Krasta Target
Regional drill program 1.5km NW of main Chelopech orebodies
New zone of shallow Au-Cu mineralization
Strike length of 250m
Open along strike and up & down dip
Significant intercepts include:
EX_KR_06: 94m @ 0.61 g/t Au & 0.27% Cu (1.17 g/t
AuEq) (true width 70m)
Includes 10m @ 1.45 g/t Au & 0.77% Cu (3.04 g/t
AuEq) (true width 7-8m)
Brownfield exploration focused on
Southeast Breccia Pipe Zone (SEBPZ) &
Krasta Target
SEBPZ drilled from underground workings
Krasta target drilled from surface
NEARING FIRST GOLD PRODUCTION
INCREASED CASH FLOW Krumovgrad
Location: Southern Bulgaria
Ownership: 100%
Stage: Construction
Production: 103,000 oz (yrs 1-5 avg)
Mine life: 8 years
Operation: Open pit
Commissioning: Q4 2018
12
Krumovgrad – Robust Economics
Project Economics
Robust with a
28% After-Tax
IRR *
Production and Operating Costs (10, B)
Annual tons processed 775,000 t
Gold grade 4.04 g/t
Strip ratio 2.6:1 waste:ore (t:t)
Annual gold production 85,700 oz
Year 1 to 5 average 103,020 oz
Annual silver production 38,700 oz
Total cash cost per oz AuEq $403
Average Annual EBITDA (7) $66 million
Year 1 to 5 average $85 million
Construction capital $164 - $168 million
NPV (5%) (@ June 30, 2018) $328 million (adjusted for capital spent)
First concentrate production Q4 2018
LOM 8 years
High grade low strip ratio open pit gold mine
Operating synergies with Chelopech
Fully funded with near term production in Q4 2018
• @ US$1,250/oz Au
• Based on midpoint of updated construction capital
13
Krumovgrad – Construction Nearly Complete
14
September 2018
Krumovgrad – Open Pit Phases
TMX:DPM15
1,983
2,857
804560
0
500
1,000
1,500
2,000
2,500
3,000
Phase 1 Phase 2 Phase 3 Phase 4
Ore Tonnage by Pit Phase (Kt)
Wall Upper
Krumovgrad – High Grade Open Pit with Low Strip Ratio
16
3.42
5.01
5.59
3.4
6.06
3.29
2.832.37
1 2 3 4 5 6 7 8
Gold Grade (g/t) (24)
Year
76,343
110,954125,097
78,481
129,064
71,37561,514
38,590
1 2 3 4 5 6 7 8
Annual Gold Equivalent Production (oz) (24)
Year
24. See footnotes contained in Appendix on slide 47
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
0
0.5
1
1.5
2
2.5
3
3.5
-1 1 2 3 4 5 6 7 8
Total Ore Total Waste Strip Ratio
0.65
2.66
2.152.03
3.21 3.213.21
2.22
3.10
Tonnes of Material (Mt) & Strip Ratio (W:O) (24)To
tal M
ate
rial (M
t) Strip
Ratio
(W:O
)
LOM Strip Ratio = 2.62
LOM Gold Grade = 4.04g/t
High Grade Stockpiles
Medium Grade Stockpiles
Low Grade Stockpile
Super High Grade Stockpile
Waste
Krumovgrad – Open Pit Mining Activity Has Commenced
17 TMX:DPM
Krumovgrad – Integrated Mine Waste Facility (IMWF)
Sumps
North Valley Starter Berm
South Valley Starter Berm
KrumovgradPit
Design is compliant with BGN, EU, and international standards
High level of confidence in structural stability
Contingency measures and safety features built into design
Meets all EIA commitments
Key Outcomes:
TMX:DPM18
Krumovgrad Exploration – Surnak Target
Surnak Target
Previous exploration work at the Surnak Prospect, which includes over 10,800 metres of trenching and drilling, has been used to outline an exploration target of 80,000 to 160,000 oz Au contained within 1.8 to 2.4 Mt grading 1.5 to 2 g/t Au.
The exploration target potential was derived upon review of historic Mineral Resource estimates at Surnak, in combination with ongoing development of the 3D geologic model at Surnak. The potential ranges of tonnes and grade are conceptual in
nature are based on previous drill results that defined the approximate length, thickness, depth and grade of the portion of the historic Mineral Resource estimate. There has been insufficient exploration to define a current Mineral Resource and the
company cautions that there is a risk further exploration will not result in the delineation of a current Mineral Resource.
SURNAK EXPLORATION
TARGET
Exploration target potential
of 80,000 to 160,000 oz Au
contained within 1.8 to 2.4
Mt grading 1.5 to 2 g/t Au
19
3,000m diamond drill program underway in 2018
Results from first holes include:• SUDD028: 13m @ 1.29 g/t Au from 106m
• SUDD029: 15m @ 1.22 g/t Au from 130m
• SUDD034: 14m @ 1.72 g/t Au from 78m
• SUDD035: 10m @ 1.46 g/t Au from 89m
Drilling to be completed in September 2018
Maiden Resource Estimate planned for Q4 2018
Additional 3,000m regional drilling underway on other licences
One of six registered
Commercial Discoveries
within mine concession
Located 3 km west of
Ada Tepe
Sediment-hosted low
sulphidation epithermal
gold veins like Ada
Tepe
GROWING DEVELOPMENT PIPELINE
Location: Serbia
Ownership: 100%
Stage: Advanced exploration
Resource: 1.996 million ounces (26, C)
Timok
20
26, C. See footnotes contained in Appendix on slide 47
Timok Gold Project (19, C)
TMX:DPM21
19, C. See footnotes contained in Appendix on slide 47
Korkan West Discovery Gold mineralization found over a strike length
of 220 m
Nearly 10,000m of drilling 2016-2018
Almost all reported intervals are oxide
Subsequent work indicated much higher
presence of oxide mineralization in other
three deposits
Column Leach Tests Column leach results indicated gold
recoveries of:
94% for Korkan and Bigar Hill oxides
76% for Korkan West oxides
68% for Korkan transitional zone
Recent Background (19)
Previous Mineral Resource Estimate and
PEA completed by Avala Resources
focused on sulphides
DPM acquired minority interest from
Avala in 2016 (US$1.6MM)
Korkan West discovery by DPM in late
2016
Timok Gold Project (19, 26, C)
TMX:DPM22
19, 26, C. See footnotes contained in Appendix on slide 47
Material Type
Indicated Mineral Resource (19) Inferred Mineral Resource (19)
Tonnage
(Mt)
Au Tonnage
(Mt)
Au
(g/t) k oz (g/t) k oz
Korkan
Oxide 5.8 0.90 166 0.2 0.5 4
Transitional 2.8 1.06 97 0.1 0.7 3
Sulphide 3.3 1.91 205 0.0 1.1 0
Total 11.9 1.22 468 0.4 0.6 7
Korkan West
Oxide 2.9 1.03 98 1.0 0.8 24
Transitional 0.3 0.85 8 0.2 0.8 6
Sulphide 0.0 1.33 1 0.0 0.9 0
Total 3.2 1.02 106 1.2 0.8 31
Bigar Hill
Oxide 12.4 1.14 455 0.7 0.7 16
Transitional 5.9 1.21 229 0.4 1.0 12
Sulphide 11.1 1.72 615 0.1 1.6 7
Total 29.4 1.38 1,299 1.2 0.9 34
Kraku Pester
Oxide 0.7 0.95 22 0.1 1.3 5
Transitional 0.1 0.95 4 0.0 1.2 0
Sulphide 1.5 2.01 95 0.0 1.8 0
Total 2.3 1.61 122 0.1 1.3 6
Total Oxide 21.8 1.06 742 2.0 0.7 48
Total Transitional 9.2 1.15 338 0.7 0.9 22
Total Sulphide 15.9 1.79 916 0.2 1.5 8
Grand Total 46.9 1.32 1,996 2.9 0.8 78
Mineral Resource Estimate (19)
Initially completed in March 2017
Modelled as a sulphide resource
Subsequent work indicated much
higher presence of oxide
mineralization
Updated Mineral Resource Estimate
released September 24, 2018 (26)
Reduced cut-off applied to Oxide
& Transitional material
Includes Korkan West
Timok Gold Project (19, 26, C)
TMX:DPM23
19, 26, C. See footnotes contained in Appendix on slide 47
Cross Section 4898940N
Plan Going Forward (26)
Initiate scoping study in Q4 2018
followed by potential PEA
Focus on oxides and transitional materials,
with review of potential for sulphides
Completion of 11,500 m drill program in
2018
Planning underway for 2019 exploration
program
OPERATIONAL CONSISTENCY
TRANSITIONING TO FREE CASH FLOW
Tsumeb
Location: Tsumeb, Namibia
Ownership: 100%
2017 concentrate smelted: 219,000 tonnes
Operation: Specialty smelter
24
Tsumeb – Increased Stability With Growth Potential
(2)
Secured processing outlet for Chelopech
Growing cash flow generating custom toll business
Focused on stable operations at current throughput
Option to expand to 370k tpa in the future
Will evaluate strategic partnership alternatives
2012 2013 2014 2015 2016 2017 2018E 2019F 2020F 2021F 2022F
Total Capital Expenditures (US$M)
63
140
130
44
19
8.615-18
8.8
2012 2013 2014 2015 2016 2017 6 mos2018
2018E
219
240-
265
196198
152159
265-
300
200
300-
370
Production (‘000s tonnes)
Cash cost/t of con
smelted
(net of by
product credits)
Third Party
con supplied
to smelter (000s)
Chelopech
concentrate
supplied to
smelter (000s)
Potential future
capacity
$430-$480
240-
265
Growth Capital
Sustaining Capital
6, 9 See footnotes contained in Appendix on slide 47
99 99
(6)
Major investment phase completeMajor investment phase complete
220-
250
99
25
Tsumeb Smelter Operating Highlights
200219
2016 2017 Q1 2018 Q2 2018 2018E
Complex Concentrate Smelted (‘000s t)
Adjusted EBITDA (US$M) (7) Sustaining Capital (US$M) (6)
Stable performance in 2017
Continued optimization of facility
Focused on improving availability of oxygen plant and unit cost reductions
Generated free cash flow of US$7 million in 2017
Q2 affected by annual maintenance shutdown
6, 7, 9 See footnotes contained in Appendix on slide 47
9
54.2
220 – 250
11
7
15-18
2016 2017 Q1 2018 Q2 2018 2018E
4.3
2016 2017 Q1 2018 Q2 2018
26
46.4
6 mos = 100.6
10
2
14
-1
6 mos = 1.2
4.5
6 mos = 8.8
9
Additional Upside Potential Through Equity Interests
27
35km2 of prospective Abitibi geology located 25 km W of Val-d’Or
$2.5 M within first 3 yrs to earn 51% with option to increase to 71%
following an additional $3.5 M expenditure in the following 3 yrs
1,942m scout drilling program completed and all assays received
Significant intercepts include:
MLDD003: 2.0m @ 5.53 g/t Au within a 10m wide vein zone (25)
MLDD007: 3.3m @ 7.15 g/t Au, including 1.9m @ 11.6 g/t Au (25)
Helicopter magnetics survey in September 2018
More drilling planned for the coming winter
Value of DPM stake Sept. 19, 2018 = ~$29M (21)
Proceeding with pre-construction activities for 2018
Targeting Au production Q1 2021
Production of ~240k oz Au/year (yrs 1 through 8)
Success at Umwelt Vault Zone and Llama extension provides upside
potential to mine life
Sabina Gold and Silver Corp.
Back River Project, Nunavut
DPM Ownership – 10.2% (18)
Malartic Property, Quebec
Joint Venture (w/ Pershimex Resources)
18, 21, 25. See footnotes contained in Appendix on slide 47
SUMMARYSummary
Key Value Generating Catalysts
29
Chelopech Record gold
production
Increased guidance in Q2
Digital transformation
15,000 m regional drilling
30,000 m resource
drilling
Digital
transformation
Digital
transformation
Tsumeb Stable production
Transition to free
cash flow
Further optimize
performance
EIA approval
Commercial
agreements for
expansion
Decision on
expansion
Commence
expansion
construction
Krumovgrad Construction 71%
complete
Construction completion
and commissioning (Q3)
First concentrate
production (late Q4)
6,000 m drilling on
satellite deposits
Ramp-up (Q1)
Commercial
production
Timok Discovery of
Korkan West
Mineral Resource
Estimate completed
Metallurgical testwork
Resource update (Q3)
11,500 m drill program
underway
Commence scoping
study/PEA
Potential PFS
2017 2018 2019 2020
2016 2017 2018 Guidance 2018 Guidance +Krumovgrad
DPM Outlook – A Growing Low Cost Producer
30
US$95MUS$95M
747640-755
579
All-in Sustaining Cost (US$/oz) (1, 17)
Krumovgrad gold production
commences Q4 2018
2016 2017 2018 Guidance midpoint 2018 Guidance +Krumovgrad
Au Cu Ag
Gold Equivalent Production (000s oz) (15)
(based on metals contained in concentrate produced)
254
379
275280
Annual EBITDA Less: Sustaining Capex From
Operating Assets
Total ~$183M
~ US$81M
Chelopech(FYE Dec 31, 2017)
Krumovgrad (20)
(years 1 to 5)
Tsumeb(FYE Dec 31, 2017)
~ US$7M
Total ~$102M
Tsumeb(FYE Dec 31, 2017)
Chelopech(FYE Dec 31, 2017)
US$7M
2017 With Krumovgrad
(years 1 to 5)
(years 1 to 5)
729
Current EV(27)
US$403 M
(2.2x)
(9)
(9, 20)
1, 9, 15, 17, 20, 27. See footnotes contained in Appendix on slide 47
(9, 20)
(9)
(15)
(15)
6.6x3.3x
50.0x
23.0x
16.0x12.8x
7.7x 7.1x 6.0x 5.0x 4.7x 3.6x
Resolute Premier Alacer Teranga Saracen Roxgold DPM Torex Guyana Argonaut Ramelius DPM +Krum
$2,7
79
$1,7
94
$4,6
21
$4,0
16
$3,1
25
$3,0
80
$2,6
11
$2,3
15
$2,1
54
$2,1
41
$1,8
41
$1,5
18
$1,2
18
$1,2
16
Alacer TMAC Resolute Saracen DPM Premier Torex Roxgold Guyana Teranga DPM +Krum
Argonaut Alio Ramelius
Attractive Valuation
31
2018E All In Sustaining Costs (US$/oz) 6,12
EV/Reserves ($/oz) 12
(11)(13)
EV/2018E Gold Production ($/oz) 12
Undervalued on Mineral Reserves…
… and Cash Flow
… and Production
… with AISC in lowest quartile
(11)
(13)
EV/2018E AdjCF 12
(12)(13)
6, 11,12, 13 See footnotes contained in Appendix on slide 47
$161
$471
$336
$288
$241
$180$153
$137$113 $107
$82$55 $51
Saracen Roxgold Ramelius Torex Alacer DPM Resolute TMAC Teranga Guyana Premier Argonaut Alio
755
560
790 834 843 863931 949 952 954 967 973
1,3061,390
DPM +Krum
DPM Roxgold Saracen Alacer Guyana Ramelius Torex Argonaut Resolute Premier Teranga Alio TMAC
640
Attractive Valuation
32
Leverage Ratio 12
Debt to Capital
2018E P/NAV 12
Stability in operating jurisdictions
Tsumeb capital program complete & transitioning to FCF
Balance sheet deleveraged
Krumovgrad permitting & near term growth
DPM valuation
With a strong balance sheet… … and undervalued on P/NAV
Historical concerns have been addressed:
Roxgold Resolute Alacer Guyana DPM Teranga Argonaut Premier
0.81x
0.92x
0.60x0.60x0.63x
0.48x
0.59x
27%
13%
6% 6%5%
2%1%
Roxgold Alacer Guyana Premier DPM Resolute Teranga Argonaut
28%
0.56x
consensus 23
12, 23 See footnotes contained in Appendix on slide 47
Disciplined Capital Allocation focused on Shareholder Returns
33
At a critical inflection point in our history
Completion of a period of significant investment, project development, and
operational improvement
Entering a phase of substantial increase in free cash flow generation
Capital allocation strategy developed to maximize shareholder return
Compare options on basis of returns, NAV/share, strategic fit, and
estimated share price impact
Objective to maximize long term total shareholder return by balancing the
following:
Reinvestment (organic growth, M&A, reserve replacement); and
Return of capital (debt repayment, share repurchase, dividend)
The above options are not mutually exclusive
Investment Highlights
34
Operating in mining friendly jurisdictions
Strong resource and reserve base
High quality, low cost, flagship asset
Near term, low cost growth in gold production
Growing exploration pipeline
Strong balance sheet
Strong management team
Attractive valuation
Strong Asset Base, Near Term Growth & Attractive Valuation
Thank youCorporate Head Office1 Adelaide Street East, Suite 500
Toronto, Ontario M5C 2V9
T: 416 365-5191
Investor Relations1 Adelaide Street East, Suite 500
T: 416 365-2549
www.dundeeprecious.com
35
Follow us on Twitter @DundeePrecious
APPENDICES
36
Business Strategy
37
2018 Guidance
38
US millions, unless otherwise indicated Chelopech Tsumeb
Updated
Consolidated
Guidance
Original
Consolidated
Guidance
Ore mined/milled (‘000s tonnes) 2,100-2,200 - 2,100-2,200 2,100-2,200
Complex concentrate smelted (‘000s tonnes) - 220-250 220-250 220-250
Metals contained in concentrates produced (1)(2)
Gold (‘000s ounces) 180-200 - 180-200 165-195
Copper (million pounds) 33.7-40.4 - 33.7-40.4 33.7-40.4
Payable metals in concentrate sold (1)
Gold (‘000s) 155-172 - 155-172 140-170
Copper (million pounds) 31.0-37.0 - 31.0-37.0 31.0-37.0
Cash cost per tonne of ore processed ($) (3)(4) 35-38 - 35-38 37-40
All-in sustaining cost per ounce of gold ($) (3)(4)(5) - - 640-755 640-855
Cash cost per tonne of complex concentrate smelted, net of by-product credits ($) (3)(4) - 430-480 430-480 440-500
General & administrative expenses (3)(6) - - 20-24
Exploration expenses (3) - - 10-15
Sustaining capital expenditures (3)(4) 13-15 15-18 28-33 29-39
1) Gold produced includes gold in pyrite concentrate produced of 47,000 to 55,000 ounces and payable gold sold includes payable gold in pyrite concentrate sold of 30,000 to 35,000 ounces.
2) Metals contained in concentrate produced are prior to deductions associated with smelter terms.
3) Based on Euro/US$ exchange rate of 1.20, US$/ZAR exchange rate of 12.89 and copper price of $2.76 per pound where applicable
4) Cash cost per tonne of ore processed, all-in sustaining cost per ounce of gold and cash cost per tonne of complex concentrate smelted, net of by-product credits, and sustaining capital expenditures have no standardized meaning under IFRS.
Refer to the “Non-GAAP Financial Measures” section of the MD&A for more information.
5) Includes the treatment charges, transportation and other selling costs related to the sale of pyrite concentrate, and payable gold in pyrite concentrate sold. All-in sustaining cost per ounce of gold, excluding payable gold in pyrite concentrate
sold and related costs, is expected to be between $630 and $750 in 2018.
6) Excludes mark-to-market adjustments on share-based compensation and MineRPs’ general and administrative expenses.
Operating In Mining Friendly Jurisdictions
39
Bulgaria• Uninterrupted operations since 2003
• Member of the EU since 2007
• 4th largest gold producer in Europe
• Stable regulatory environment & government
• Corporate Tax Rate: 10%
• Chelopech Royalty Rate: 1.5% of gross Cu, Au and Ag
• Krumovgrad Royalty Rate: 1% - 4% of gross value; half of collected royalties go to the town
• GDP Forecast: +2.8% in 2017 (IMF); Mining industry forms 5% of the GDP (2016)
Namibia• Political party stability
• 5th largest producer of uranium and 9th largest producer of diamonds
• Ranked in top 10 as Africa’s most attractive countries over last 5 years according to the Fraser Institute
• Glencore, Rio Tinto, Anglo American, Paladin Energy, etc.
• Corporate Tax Rate: 0% (Export Processing Zone status)
• GDP Forecast: +5.3% in 2017 (IMF); Mining industry forms 11.5% of the GDP (Jan. 2017)
Serbia• EU candidate since 2012
• 3rd largest copper producer in Europe
• Industry benefits from high level government support
• Corporate Tax Rate: 15%
• GDP Forecast: +3.0% in 2017 (IMF); Mining industry forms 2% of the GDP (2013)
Zebra Kasete receiving employer of year award
Krumovgrad – CSR – Community Relations
Memorandum of Understanding with Municipality of Krumovgrad signed
Stakeholders Engagement Plan
Social Management Plan
Proactive Company Actions
Company information center
Local Consultative Forums - operating at 8 settlements
Grievance Mechanisms
Training of local business is part of project development
40
Strong Mineral Resource and Reserve Base
41
1.9 Moz
0.8 Moz
Proven and probable
Total Gold Ounces
Proven and Probable
Total Copper
1.4 Moz0.013 Moz
2.0 Moz
0.078 Moz
3.8 Moz
Measured & Indicated Inferred
Total Gold Ounces
2.7 Moz
376 Mlbs
Measured & Indicated Inferred
Total Copper
2.8 Bnlbs
311 Mlbs
Krumovgrad
ChelopechChelopech
Timok (26)
Krumovgrad
Chelopech
Chelopech
3.4 Moz
0.121 Moz
Chelopech
Tulare
Tulare
2.8 Bnlbs
29 Mlbs
4.012 Moz
3, 4, 5, 26, A, B, C. See footnotes contained in Appendix on slide 47
TOTAL MINERAL RESERVES (3,5,A)
TOTAL MINERAL RESOURCES (4,5, 26, A, C)
Exclusive of Reserves
As of December 31, 2017 As of December 31, 2017
Timok (26)
Strong Mineral Resource and Reserve Base
42
Mineral Resources (4,14, 26, A,B) Million Tonnes Au (Moz) Cu (Mlbs) Au (g/t) Cu (%)
Chelopech
M&I
Inferred
12.9
1.4
1.400
0.121
311
29
3.39
2.7
1.10
0.93
Krumovgrad
Inferred (Upper Zone) 0.3 0.013 1.3
Timok (26)
Indicated
Inferred
46.9
2.9
1.996
0.078
1.32
0.8
Tulare
Inferred (Kiseljak)
Inferred (Yellow Creek)
459.0
88.0
3.000
0.800
2,200
600
0.2
0.3
0.22
0.3
Total Mineral Resources
Measured & Indicated
Inferred
59.8
551.6
3.396
4.012
311
2,829
Mineral Reserves (4,14,A,B) Million Tonnes Au (Moz) Cu (Mlbs) Au (g/t) Cu (%)
Chelopech
Proven
Probable
Total Proven & Probable (Chelopech)
10.5
8.3
18.8
0.965
0.921
1.886
216
160
376
2.86
3.46
3.13
0.93
0.88
0.91
Krumovgrad
Proven (Upper Zone)
Proven (Wall)
Probable (Upper Zone)
Probable (Wall)
1.1
1.5
3.5
0.1
0.124
0.325
0.337
0.020
3.46
6.83
3.00
5.54
Total P&P Mineral Reserves 25.00 2.692 376 3.36
4, 14, 26, A, B See footnotes contained in Appendix on slide 47
Krumovgrad – Process Plant Flowsheet
KRUMOVGRAD PROCESS FLOWSHEET
OreRun of
mine pad
Primary
crushingSAG mill
Primary
regrind
Pebble
crusher
Roughers ScavengersThickened
tailings plantIMWF
Tailings
deposition
Ultra-fine
grinding
Process water
tank
RPWR /
SWOR
Water
Treatment
Environ-
ment
Cleaner 1Concentrate
thickener
Filter
press
Final
concentrate
Cleaner
scavengerCleaner 2
Crusher Thickener
Mill Filter
Flotation Water
Legend:
43
Hedge Position at June 30, 2018 (25)
Production Hedges - Swaps Year Volume Hedged (lbs) % Hedged Average fixed price ($/lb)
Payable copper Balance of 2018 9,583,483 51% $2.62
QP Hedges Year Volume Hedged % Hedged Average fixed price
Payable gold Balance of 2018 18,530 oz 100% $1,256.66/oz
Payable copper Balance of 2018 3,328,976 lbs $2.99/lb
Payable silver Balance of 2018 15,080 oz $15.98/oz
Operating Cost FX Hedges YearForeign Currency
Amount Hedged% Hedged Average exchange rate
ZAR Balance of 2018 759,497,125 100% 13.1629
Production Hedges - Options Year Volume Hedged % Hedged Avg Ceiling Price Floor Price
Payable copper Balance of 2018 6,349,306 lbs 34% $3.32/lb $2.80/lb
Capital Expenditure FX Hedges YearForeign Currency
Amount Hedged% Hedged
Average exchange rate
(Foreign currency/US$)
Euro Balance of 2018 16,489,000 50% 1.1328
Production Hedges - Prepaid Forward Gold Sale Year Volume Hedged (oz) % Hedged Avg Forward Price
Payable Gold
Payable Gold
2019
2020
18,013
27,969
9%
11%
$1,390
$1,425
44
25 See footnotes contained in Appendix on slide 47
Creating a Leading Technology Provider - MineRP
45
MineRP Holdings Inc.
Independent software vendor
("ISV") for the mining industry
Industry leading platform
improving productivity in
planning and operations by
integrating applications
Headquartered in South Africa
US$20 MM
Underground wireless
communications technology
initially implemented at
DPM’s Chelopech (through
Terrative division)
MineRP Management22%
Dundee Precious Metals78%
DPM Summary
Chelopech
Krumovgrad
Subtotal
~$95 MM EBITDA Less: Sustaining (1)
/ yr
$81 MM first 5 yrs EBITDA Less:
Sustaining (2) / yr
(~$61 MM LOM)
~US$176 MM EBITDA Less: Sustaining (1)(2) / yr
• Exploration / mine life extension
• Consistent track record of reserve
replacement
Sabina Equity
(Incl. warrants)$29M equity value (at Sept. 19, 2018)
Tsumeb
Timok
Other Assets
Debt
Market Cap: $405 M
Share Price: C$2.94
• Transitioning to FCF positive
• $7 MM in EBITDA Less: Sustaining (1)
• 370 Ktpa potential capacity with
significant operating leverage and
modest capital
1.996 MM oz resource in Serbia• Exploration
• Oxide potential
Marlartic JV, Tulare and other Serbian licenses, Armenian JV, Kapan NSR,
MineRP (78%)
$40.8M (as at June 30, 2018)
• Exploration on original license
1 Based on FYE Dec. 31, 2017 audited annual financial statements.
2 Based on NI 43-101 technical report entitled “Revised NI 43-101 Technical Report, Ada Tepe Deposit, Krumovgrad Project, Bulgaria” dated November 7, 2017
Cash $13.9M (as at June 30, 2018)
46
Footnotes and Disclaimers1. AISC per ounce of gold represents cost of sales at Chelopech less depreciation, amortization and other non-cash items plus treatment charges, penalties, transportation and other selling costs, sustaining capital expenditures, rehabilitation related to accretion expenses and an allocated portion of the Company’s G&A
expenses less by-product revenues in respect of copper and silver including realized gains on copper derivative contracts divided by the payable gold in copper and pyrite concentrates sold. Based on metals prices that approximate current rates.
2. Chelopech figures contained in the Management's Discussion and Analysis for the year ended December 31, 2017 dated February 15, 21018 filed on SEDAR at www.SEDAR .com and available on our website at www.dundeeprecious.com; AISC includes gold production in pyrites
3. Effective dates for Reserves – contained in the 2017 Annual Information form dated March 28, 2018 for the year ended December 31, 2017, filed on SEDAR at www.SEDAR.com and available on our website at www.dundeeprecious.com
4. Measured and Indicated Mineral Resources are in addition to Mineral Reserves
5. See slide 40 in Appendix for detailed Mineral Reserve and Mineral Resource Estimates
6. A non-GAAP measure. Refer to the “non-GAAP Financial Measures” section of the Managements’ Discussion and Analysts for the year ended December 31, 2017 dated February 15, 2018, filed on SEDAR at www.SEDAR.com and available on on our website at www.dundeeprecious.com, for reconciliations to IFRS
7. Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization, adjusted for impairment charges, unrealized losses/gains on derivative contracts and investments at fair value, minus interest income
8. Includes gold in pyrite concentrate produced
9. Forecast/guidance information is subject to a number of risks. 2018E is based on updated DPM guidance contained in the Management's Discussion and Analysis for the quarter ended June 30, 2018 and dated July 31, 2018, filed on SEDAR at www.SEDAR.com and available on our website at
www.dundeeprecious.com. See “Forward Looking Statements” on slide 2
10. Krumovgrad figures as per June 6, 2016 press release entitled “Dundee Precious Metals Provides Krumovgrad Gold Project Update”.
11. Source DPM Guidance issued July 31, 2018
12. Source RBC Capital Markets, August 27, 2018 - Au US$1,309/oz, Ag US$17.32/oz, Cu US$3.22/lb; DPM balance sheet as at June 30, 2018; Adjusted cash flow defined as cash flow from operations before sustaining capital expenditures. Analysts consensus for DPM NAV (RBC for peers) with P/NAV range of
0.35x-0.80x
13. Includes DPM 2018E plus Krumovgrad LOM average as per June 6, 2016 press release using RBC Capital Markets’ metal prices
14. Contained in the 2017 Annual Information Form dated March 28, 2018, filed on SEDAR at www.SEDAR.com and available on our website at www.dundeeprecious.com
15. Based on Au of $1,250/oz, Cu of $2.75/lb, Euro/US$ = 1.15
16. Calculated using Au production
17. AISC based on 2018 guidance for concentrate smelted contained in the Management’s Discussion and Analysis for the quarter ended June 30, 2018 and dated July 31, 2018, filed on SEDAR at www.SEDAR.com and available on our website at www.dundeeprecious.com
18. Source: Technical report for the Initial project Feasibility Study on the Back River Gold Property, Nunavut, Canada, Dated October 28, 2015, filed on SEDAR at www.SEDAR.com
19. Source: Timok Gold Project, Serbia – Updated Mineral Resource contained in the 2016 Annual Information Form, Dated March 28, 2017, filed on SEDAR at www.SEDAR.com
20. Based on NI 43-101 technical report entitled “Revised NI 43-101 Technical Report, Ada Tepe Deposit, Krumovgrad Project, Bulgaria” dated November 7, 2017, filed on SEDAR at www.SEDAR.com; Using gold price $1,250/oz
21. Current market value of 26,785,913 SBB shares plus 5 million warrants valued at US$3.6M based on the closing price on the Toronto Stock Exchange for the common shares and warrants as at June 30, 2018
22. For more information regarding the Company’s current Mineral Resource and Mineral Reserve estimates, please refer to Dundee Precious Metals Annual Mineral Reserve and Mineral Resource Statement as at December 31, 2017 contained in our Annual Information Form, dated March 28, 2018, which is available on
our website at http://www.dundeeprecious.com and on SEDAR at www.SEDAR.com
23. P/NAV consensus based on most recent analyst reports: CIBC 0.80x (5% @ Sept. 4, 2018), RBC 0.60x (8% (@ Aug. 27, 2018), Scotiabank 0.72x (5% (@ Sept. 4, 2018), GMP 0.35x (5% @ May 2018), Paradigm 0.52x (5% @ June 2018)
24. Source: “Revised NI 43-101 Technical Report, Ada Tepe Deposit, Krumovgrad Project, Bulgaria” dated November 7, 2017, filed on SEDAR at www.SEDAR.com
25. Source: “2018 Second Quarter Report for the Three & Six Months Ended June 30, 2018”, dated July 31, 2018 found on SEDAR at www.SEDAR.com
26. Source: Press Release entitled “DPM Announces Updated Mineral Resource Estimate for the Timok Gold Project” dated September 24, 2018. The NI 43-101 compliant technical report, in respect of the Mineral Resource estimates disclosed herein, will be filed on SEDAR within 45 days of this news release.
27. Enterprise value defined as current DPM market capitalization based on the closing price of DPM shares as at September 19, 2018 plus debt less cash less marketable securities as at June 30, 2018
47
A. The Mineral Resource and Mineral Reserve estimates for Chelopech and other scientific and technical information which supports this presentation was prepared by Petya Kuzmanova, MIMMM, CSci, Senior Resource Geologist, of the Company, under the
guidance of CSA Global (UK) Ltd. (“CSA”), in accordance with Canadian regulatory requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects, and were reviewed and approved by, as relates to Mineral Resources,
Maria O’Connor, BSc, MAusIMM, MAIG, Principal Resource Geologist of CSA, Ross Overall, Senior Corporate Resource Geologist, of the Company, and as relates to Mineral Reserves, Karl van Olden, BSc (Eng), GDE, MBA, FAusIMM, Mining
Manager of CSA. Maria O’Connor, Ross Overall and Karl van Olden are Qualified Persons (“QP”), as defined under NI 43-101 and are independent of the company, with the exception of Mr. Overall who is not independent of the company. Ross
Overall, Senior Corporate Resource Geologist, of the company, who is a QP, as defined under NI 43-101, has reviewed and approved the contents of this presentation.
B. The Mineral Resource and Mineral Reserve estimates for the Krumovgrad project and other scientific and technical information which supports this presentation was prepared by CSA Global (UK) Ltd. (“CSA”), in accordance with Canadian regulatory
requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects, and were reviewed and approved by, as relates to Mineral Resources, Galen White, BSc (Hons) FAusIMM FGS, Director and Principal Consultant of CSA,
and Julian Bennett, BSc ARSM FIMMM CEng, as relates to Mineral Reserves. Both Galen White and Julian Bennett are independent Qualified Persons (“QP”), as defined under NI 43-101. The NI 43-101 technical report (the
“Krumovgrad Technical Report”) entitled “Revised NI 43-101 Technical Report, Ada Tepe Deposit, Krumovgrad Project, Bulgaria” dated November 7, 2017, in respect of the study for the construction and operation of its Krumovgrad gold
project disclosed herein, was filed November 7, 2017 on SEDAR at www.sedar.com. Simon Meik, former Corporate Director Processing of the Company, and Edgar Urbaez, formerly Corporate Director, Technical Services, both of DPM, who are QPs and
not independent of the Company, have reviewed and approved the contents of this presentation. The Mineral Resource and Mineral Reserve estimates contained herein may be subject to legal, political, environmental or other risks that could materially
affect the potential development of such Mineral Resources. See the Krumovgrad Technical Report for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing Mineral Resource
estimates.
C. The Mineral Resource estimates and other scientific technical information for the Timok Gold Project were prepared by CSA Global, in accordance with the Canadian regulatory requirements set out in National Instrument 43-101, Standards of Disclosure
for Mineral Projects (“NI 43-101”), and has been reviewed and approved by, as it relates to Mineral Resources, Maria O’Connor, BSc, MAIG, Principal Resource Geologist of CSA Global, as it relates to the Metallurgy, Gary Patrick BSc, MAusIMM (CP)
Senior Associate Metallurgist on behalf of CSA Global, and by David Muir, BSc (Hons) Geology, Data Manager (CSA Global), as it relates to sampling, drilling and QAQC. Maria O’Connor, Gary Patrick and David Muir are all independent Qualified
Persons (“QP”), as defined under NI 43-101. Ross Overall, Corporate Senior Resource Geologist of DPM, who is a QP and not independent of the Company, has reviewed and approved the contents of this technical information.
Qualified Person Disclosure
Cautionary note to U.S. Investors concerning estimates of Mineral Resources. These estimates have been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. The terms “mineral
resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in NI 43-101 and recognized by Canadian securities laws but are not defined terms under the U.S. Securities and Exchange Commission (“SEC”)
Guide 7 (“SEC Guide 7”) or recognized under U.S. securities laws. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be upgraded to mineral reserves. “Inferred mineral resources” have a great amount of
uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever by upgraded to a higher category. Under Canadian securities laws, estimates of
“inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies. U.S. investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Accordingly, these mineral
resource estimates and related information may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder, including
SEC Guide 7.